| With the constant improvement of China’s capital market, there are more and more researches on the actual controllers of listed companies and the transparency of information which connects the companies with the capital markets. This paper inspects the relationship between the proportion and nature of actual controller’s share and the corporate information transparency with tools such as ologit regression models, using data from companies listed in China’s Shenzhen Stock Exchange, from 2001 to 2010.The study finds out that the state-owned controller improves the information transparency, and the higher the control percentage and the lower degree of departure between control and ownership, the higher the information transparency of listed companies.In addition, the control power of state-owned actual controller doesn’t affect the information transparency of listed companies, and the higher the control percentage of non-state-owned actual controller, the more transparent the accounting information. Besides, the lower the degree of departure between control and ownership of state-owned actual controller, the higher the transparency of listed companies, but the departure doesn’t affect the information transparency concerning non-state-owned actual controller.Furthermore, the share reform enhances the transparency of information significantly. Moreover, before the share reform, neither of the nature or control proportion of actual controller influenced the information transparency, and the lower the degree of departure between control and ownership, the higher the information transparency of listed companies. After the share reform, the information is more transparent when the actual controller is state-owned than non-state-owned. Besides, the more control power the actual controller owns, the more transparent the information is, and the separation of control and ownership seldom affect the transparency of information disclosure. |
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